Things to check for in the neighbourhood of a potential house

When you’re out house hunting, there are plenty of things to keep your eyes peeled for, but it’s also important to look a little further afield at the surrounding neighbourhood too. The local neighbourhood can have a huge impact on the value of a property, not to mention, it can be easier to sleep at night knowing you’re in a safe area.

Here are a few things to keep in mind when scouting out a potential neighbourhood before you buy.

What makes a good neighbourhood?

Before buying a property, it’s important to research the suburb to make sure it aligns with your lifestyle, suits your needs and makes a sound investment over the long term. Here are a few key factors to check in the local neighbourhood before buying.

Schools and education

Even if you don't have school-age children, buying a property near good schools can be a smart long-term investment. Chances are, there will be future buyers who will value the proximity to schools, ensuring continued demand for your property.

Not only are school catchment areas important for buyers, but they’re often highly sought after by renters too if you’re planning on purchasing an investment property. Ultimately, homes near good schools tend to be in higher demand, which can lead to higher property values. 

Amenities and services

Most buyers and renters want their property to be located near local amenities and services. The closer a property is to local amenities and services, the more convenient it’s perceived to be, helping to make life easier for the residents. From nearby supermarkets and shopping centres to the availability of hospitals, clinics and pharmacies, there are plenty of local amenities you should be on the lookout for.

Check for parks, gyms, community centres and other recreational facilities. Suburbs with access to parklands and recreational areas provide plenty of opportunities to get outdoors and socialise with the local residents, which can help to foster a sense of community.

Local restaurants, cafes, bars and pubs can all be a drawcard too. 

Transport and accessibility

Access to public transport is a huge bonus for many suburbs. Evaluate the availability and convenience of public transport options. While it can be helpful to have easy access to public transport nearby, you don’t necessarily want to have a bus stop located right at the front of your home.

If you’re planning on moving into your new home, calculate the commute to work and other frequently visited places. Is it convenient for you?

It can also be worth assessing the availability and type of parking you have access to. While it can be great to have a garage or carport to house your car, ample on-street parking can also be a convenient option.

Community and lifestyle

Research the neighbourhood’s demographics to see if they match your preferences. If you have a young family, chances are you’ll want to buy in a neighbourhood where there are plenty of other young families. 

As a potential buyer, it can help to spend time in the neighbourhood to gauge the community vibe. Are people friendly? Are there community events? Be sure to visit at different times of the day and week to check for noise from traffic, trains or other sources.

It’s also worth taking a stroll along the street where the property is located. Check out the neighbours and see how they maintain their properties and if they’re disruptive. Having bad neighbours can have an impact on how much you enjoy living in your home, and the potential to impact the value of your property if the houses around you aren’t well maintained. 

Future developments

Investigate any planned developments or zoning changes that have the potential to affect the neighbourhood later down the track. While some developments have the potential to boost the value of the neighbourhood and your property, others may have the opposite effect. For instance, gentrification and improved infrastructure can help to enhance an area, increasing the value of a suburb and its properties. 

While you’re at it, spend a bit of time looking at historical property value trends to understand potential future appreciation.

Environment

As part of your research, take note of the availability of parks, trails and other green spaces. This can be a bonus for families with young children. Alternatively, if you’re looking at buying a unit or apartment without sufficient outdoor space, having access to a local park can be a great alternative.

Utilities and infrastructure

Easy access to essential utilities like electricity, water, sewage systems and natural gas is important. Reliable and high-quality utility services are essential for day-to-day living and can enhance property values.

Plus, with more and more people starting to work from home, the availability of broadband and high-speed internet is increasingly important. With this in mind, properties in areas with superior technological infrastructure can attract higher values.

Safety and crime rates

For most families, buyers and investors, safety is a top priority, which is why it’s important to look for neighbourhoods with low crime rates. Properties in safe neighbourhoods are more likely to maintain their value over time due to consistent demand.

Not to mention, properties in areas with low crime rates often have lower home insurance premiums due to the lower risk of theft, vandalism and other crimes. You can research local crime rates through online databases, police reports, or local government websites.

Purchasing in a good neighbourhood can help to provide peace of mind while also having a positive impact on the value of your property. It’s therefore essential to do your research and get to know the local suburb before buying. 

Did you know that you can check a property with us? Our Check A Property tool is designed to assist you in your home-buying experience. Simply type in the address to receive property details on your dream home including property features, estimated property value, property history and local market activity. It also helps you estimate your affordability to buy your dream home, based on your financial situation.

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This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

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